Yahoo is searching for new board candidates to replace "possible outgoing directors".
The company hired executive search firm Heidrick & Struggles to "assist" in the efforts, sources familiar to the matter said, speaking to the Wall Street Journal.
It was this week we saw the new chief executive Scott Thompson brought into the fray to sort things out at the Internet search giant. He left his job as president of PayPal, but not before 'liking' Yahoo on Facebook, which partly gave the game away.
The sources said that the search is aimed at "replacing directors who have been on the board for a long time". It makes sense. Perhaps this was the first decision made by Thompson, considering the board's prior failings.
So let's take a quick look as to why the board may be searching for some replacements.
In fact, Business Insider actually summed this one up rather nicely:
- This is the board that rejected Microsoft's $32/share offer.
- This is the board that hired Carol Bartz.
- This is the board that spent 100 days trying to find a new CEO.
- This is the board that could have bought Google and Facebook for cheap and said no.
That board was pretty sucky for the most part. Hopefully this new year will bring in a new board sooner rather than later.
And one of competence isn't such a hard ask, is it?